By Admin on Oct 16, 2009 in Credit
fderrico asked:
At what point can I be considered for a mortage. Credit scores are 525 535 555.. Have good income.. Fiance has good income but bankrupt so I probalby just have to doit on my own.
At what point can I be considered for a mortage. Credit scores are 525 535 555.. Have good income.. Fiance has good income but bankrupt so I probalby just have to doit on my own.
I need to know when I could be considred for a mortgage with an affordable interest rate and a low down payment if at all any.
Can anyone guide me into the right directions..
When your credit score gets above 650. Right now with the mortgage “crisis” in the U.S. it will be difficult. You will need a good down payment (20% is prefered). You should try to get pre-approved which will also tell you the amount you qualify for. Pre approval does not cost anything, you can find out more from a realtor.
jonny j | Oct 16, 2009 | Reply
Right seller you must find. Land Contract must be considered. Work on credit while contract is fulfilled.
Yoda | Oct 19, 2009 | Reply
You probably won’t get a conventional mortgage wtih that score.
However, you never really know what might happen.
Work hard to increase your score. Visit creditboards.com for lots of help that is absolutely 100% free. It s a message board that helped me tremendously.
Also, call a realtor and ask for FHA lenders in your town. They can get you in, if you qualify for only 3% down.
Another possibility is the USDA Rural Development center in your state. They issue loans to low and very low income people.
The issue remains that all will check your credit record.
If your score is low because you are behind on payments, or defaulting on loans, your chance for a mortgage is nill.
If your score is low because you just don’t have any credit, but have a good income, a stable job, then they might look at you.
Never give up.
Work on upping the score. Use the score simulator in the link below to see what you need to do to increase your score. I use it all the time.
Here’s some useful sites to help you.
Good luck. I hope you find a home.
latebreakfast | Oct 20, 2009 | Reply
As there are many lenders, you should search for the best lender available. Some mortgage brokers have their own websites. These sites generally list their recommended lenders and quotes on specific packages.
But if you have bad credit standing, stay away from predatory bad credit mortgage lenders. These lenders take undue advantage of the problematic circumstances of the applicants. The 3 most notorious bad credit mortgage lending scam are: high interest rates, forcing closures and demanding titles.
Goe U | Oct 22, 2009 | Reply